South Korea will become the United Nations' ninth largest contributor, in its regular budget and for peacekeeping starting next year, the foreign ministry said Tuesday. The UN General Assembly on Friday approved budget obligations for 193 member states, setting South Korea's share at 2.57 percent of total funding for the 2022-24 period.

The ratio was up from 2.27 percent for the 2019-21 period, moving the country's rank up two notches from the current 11th place. The ministry said South Korea's estimated contribution was set at a higher level for the next three-year period, in line with its economic growth in previous years.

Assessments of the budget obligations of UN member countries are based on a complex formula that factors in gross national income and population.

United States and China will continue to be The UN's biggest Budget contributors for the next three years.

cr. paola@yna.co.kr and Arirang news